Peakside enters Poland with deal for AIB manager

Peakside Capital is expanding into Poland via the acquisition of Allied Irish Banks’ local fund management subsidiary.

The boutique European private equity firm, established 18 months ago by Roger Barris and other real estate colleagues from Bank of America Merrill Lynch’s principal investments division, signed an agreement this month to buy the business, plus AIB’s interests in two Polonia Property Funds.

Opportunity fund Peakside Real Estate Fund 1 (PREF) has teamed up with private equity firm Partners Group to acquire AIB’s 9.87% interest in Polonia Property Fund and 7.5% stake in Polonia Property Fund II on a 50:50 basis.

Peakside focuses on Germany and central Europe’s largest countries. Barris said: “As one of the most resilient property markets in Europe, Poland has been a focus for our growth ambitions.” The investment period for PREF, which closed in 2007 with €261m of equity commitments, was extended last year to mid 2012.